BMR Energy has closed the financing for its 36 MW wind project in Jamaica. BMR Energy will use the proceeds of the financing along with $26.9 million of equity investments to construct the farm powered by Vestas wind turbines. Vestas will also be the EPC provider for the wind project construction.
The $62.7 million financing package will include a $42.7 million senior loan from the Overseas Private Investment Corporation (OPIC), a $10 million senior loan from International Finance Corporation (IFC), and a $10 million loan from the IFC-Canada Climate Change Program.
Construction is expected to begin in the first quarter of 2015 and is scheduled to be completed by early 2016.
Power from the project will be sold to Jamaica Public Service (JPS), under a 20-year power purchase agreement.
Around six months ago, JPS signed a PPA with BMR Jamaica Wind to support the 34 megawatt wind farm near Malvern, St Elizabeth.
BMR, which will spend $90 million to construct the farm, is expected to save the country importation of 250,000-300,000 barrels of oil per year.
In September 2014, BMR Jamaica Wind, Wigton Wind Farm and WRB signed 20-year power purchase agreements with JPS to sell 78 MW of renewable energy to the national grid of Jamaica.
The investment was done at a value of $196 million in renewable energy market.